POST COLD WAR WORLD
INTEGRATION OF EUROPE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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You can only buy things in one place
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Europe is not a democracy
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There is a common law for trade, there are less barriers
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Trade is more difficult and prices are higher.
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Detailed explanation-1: -The Single Market created a unified trading territory that functions without the border regulations and tariffs which typically apply to trade between countries. The Single Market allows the unrestricted movement of goods and services as well as capital and people throughout the territory or bloc.
Detailed explanation-2: -A single market is a type of trade bloc in which most trade barriers have been removed (for goods) with some common policies on product regulation, and freedom of movement of the factors of production (capital and labour) and of enterprise and services.
Detailed explanation-3: -Free movement of people, goods, services, and capital Therefore, a common market is often regarded as a “single market” as it allows the free movement of production factors without the obstruction created by national borders.
Detailed explanation-4: -A Common Market is an agreement between two or more countries removing all trade barriers between themselves, establishing common tariff and non-tariff barriers for importers, and also allowing for the free movement of labour, capital and services between themselves.
Detailed explanation-5: -Examples of single markets The European single market, also called the ‘internal market’, is the most well-known and significant of the world’s existing single markets. Other examples of single markets include the 12 Caribbean nations that make up CARICOM, and the 10 members of the ASEAN Economic Community (AEC).